17/08/1999 - 22:00

Lafayette Mining ups its resource

17/08/1999 - 22:00

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Lafayette Mining NL has increased by 50 per cent the Ungay Malobago resource on the island of Rapu Rapu, located 35 kilometres east of the southern Luzon city of Legaspi in the Philippines.

Lafayette Mining ups its resource
Lafayette Mining NL has increased by 50 per cent the Ungay Malobago resource on the island of Rapu Rapu, located 35 kilometres east of the southern Luzon city of Legaspi in the Philippines.

The Rapu Rapu polymetallic project encompasses 45 square kilometres which covers the eastern two-thirds of the island and contains substantial quantities of copper, zinc, gold and silver. A preliminary feasibility study on the project is expected to be finalised by the end of September 1999.

The main Ungay Malobago resource has been estimated at 6.1 million tonnes grading 1.35 per cent copper, 2.36 per cent zinc, 2.79 grams/tonne gold and 33.05 g/t silver. Using current spot prices for these metals, Lafayette has calculated the in-situ resource to contain a gold equivalent of 1.84 million ounces.

The project includes the Hixbar prospect that is along strike and 1.8 kms west of the Ungay Malobago resource, which remains open to the west.

Hixbar has historically been reported to contain 1.357mt grading 1.25 per cent copper, 1.25 per cent zinc, 2.96 g/t gold and 15.50 g/t silver. This is equivalent to 327,400ozs gold equivalent of contained metal.

Lafayette plans to commence exploration of Hixbar during the current quarter.

Recent drilling on Ungay Malobago obtained high grade gold mineralisation, including 20m at 15.05 g/t, 19m at 19.42 g/t and 7m at 38.29 g/t.

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